H.4.1 Factors Affecting Reserve Balances of Depository Institutions

.•BOARD OF GOVERNORS OF THE FEDERAL REOEAVE SYSTEM (Rele£.p^sd"for Publication Friday morning, February 20,19^8) H.ii.l February 19, I9U8 :.CEDITION OF THE FEDERAL; BESEtfVE BANKS >•« '"»•» in IMII in mi. mi 11 > miiiui»n'fa»" • •liiiinnm •••••• Durifig the week fended February 18 menlber bank reserve balances decreased, $287,000,000* Redactions in-member bank reserves arose from € increases. %br $5J8,000,000* in Treasury de^o^its with Federal Reserve. Banks and ,027VOdo,0Q0• inj .Treasury cash and a 4ecreas:^ of $2,000,000 in 'Treasury currency, : 'offset in part by increases of $50,000,000' in Reserve Bank credit and $i|8,000,000 in gold tfftd&k and decreases, of $136,000,000 in money in circulation and $1*6,000,000 in nonmemU^i deposits; and other-Federal Reserve accounts. Excess reserves of mexqber banks' on. February 18 were $st'imuted to be approximately $680",000,000. Holdings of loans^ discounts and advances decreased $28*2,000,000 while holdings bf United* States! Government securities increased $126,000,000* The in crease irit holdings of Uni-ted States iGovernment securities reflects increases of oiySvboo/OOfOdn'b^nds andj $59,000*000 i*J notes arid decreases of $110,000,000 in. bills and $1^000,^000 in certificates!. Changes •* ill menibjei* bank reserve balances and related ltejh& 'during the : weekend -the .ye.ar/en;ded February tl8j 19U8, were as follows: Increase or decrease since Febir^tary 18/ February H„ February 19, , :19US I9U8S 19^7 t (In millions of dollars) U S« ,Gc)vernmetit securities 2o,9b3 + :126 -2 ,'975 # fcoans, discoun,ts and adfrahcas. : 299 **' 282 - • hh Otfrer Reserve p&nk* cre&Jit; 539 + 205 , + .126 Total Reserve iBank c r e fe 21,782 :A 50 -2 ,892 GdTLd s.^acik^ 22,981 •<+ . he +2 ,211 Tr^asurly ^curr^ncy u,557- .. - 2 + 1 Member bank reserve balances 16,750 «. 287 \f 980 Money in-/circulation 28,053 - 136 - ''225 .treasury, cash? .; ?•' 1,355 + 27 - , ;989 Treasury; deposits^with[ F„ R*. Banks 1,725. +, 538 - -653 ftonmeniber dopps iti and; tither F;R ^ccounts "1.U57-. - U6- + 185 k # Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

'STATEMENT OF CONDITION, H.l;a(a) CF THE. 'TWELVE FEDERAL I(EbERV£ BANKS C0LB3NSD (In thousands of doliars) Increase or decrease since February 18, February 11, February 19, I9I18 19U8 19U7 A S S E T S - Gold certificates 21,036,170 + 28,000 +3,232,990 Redemption fund for f • R notes. 682,1+55 - .7,876 - 110,861 # Total gold certificate reserves 21,718,625 + 20,121; +3,122,129 Other cash 368,155 + 15,937 + 30,^19 Discounts arid advancejs 295,257 -282,523 - 17,528 Industrial loans- U.158 .+ 1,398 + 3,519 U.S. Govt, securities* Bills 9,358,603 -I09,8i|l -6,262,617 Certificates U.3UU.933 - i,Uoo r.2,806,851 Motes 1,653,500 + 59,000 +1,262,200 Bonds 5,586,025 +178,QU7 +li,832,635 Total U«S-« Government securitiesT" 20,9l;3,06l +12.5,806 -2.97U.633 Total loans and securities 21,21+2,1476 -155,319 -3,018,6U2 "" I.-..I.J-.II • 1. • •' • y >•"»•. Due from foreign banks 95 7 •F R notes* of pther. banks # # 133,025 + >U,U57 + 9,230 Uncollected items 3,26S,88li +701,959 '•+ 567,750 Bank premises 32,915 U + 599 Other assets + 98,56U lli5,529 + 5,U79 TOTAL ASSETS i;6,909,70k +592,633 + 810,0U2 L I A B I L I T I ES Federal Reserve notes 211,069,669 '-iiU.679 - 262,3li8 Deposits: Member bank-reserve account I6,7k9,993 -287,368 + 980,337 U.S # Treasurer-general account 1,725.1^9 -+538,82U 632,932 Foreign -' it20,922 ^- 21,lli7 + 6,686 Other 1*7-8,082 - 2li,i78 + 2U3,178 Total deposits 19-.37U.U26 +206,131 + 597,269. Deferred availability items- / « 2,729,618 +U96,570 + UUl,7io Other liabilities including accrued dividends - * 15,673 .+ 1,1lU + U,553 TOTAL LIABILITIES U6,189,386 +589,136 + 781,18U CAP I T AL A C C O U N TS r 1 .1.1 Capital paid in , • 197,256 + * 97 + 6,728 Surplus (Section 7');' UU8,189 + 8,366 'Surplus (section ljb) . 27.5U3 + 88 Other capital accounts "'' U7.330 +_l,_Uoo/ + 13,676 ;T0TAL LIABILITIES- Am CAPITAL ACCOUNTS- ii6,909,70k +592;633 810,0U2 Ratio of gold certificate re'serves to deposit .and F.R, note liabilities combined 50.07= - .1% 6.9P/0 Contingent liability on; bills purchased for foreign correspondents u.77-3 72U 3,77U Commitments t.o make industrial loans 7,219 25 8U8 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

H*U.l(b) STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS ON FEBRUARY 18, I9U8 (In thousands of dollars) A S S E TS Total Boston New York Phila* ;- Sieve. Rich. Atlanta Chicago St.Louts. Minn. Kans.Cy. Dallas SanFran, Gold certificates 21,036,170 833,553 6,ii66,318 1017,U29 1389,890 995,826 1050,172 U2oU,Ul7 579,510 121,621; 750,117 502,186 2825,1^8 Redemption fund for F. R. notes ; 682,1*55 56,162 lH*,Q26 59,538 7k,883 58,561 39,629 99,129 1*6,1*08 -: 22,775 "35,363 25,923 50,058 Total gold certificate reserves 21,718,625 889,695 6,580,31*1* 1076,967 iU6U,773 1051*. 387 1089,801 U303.5U6 625,918 1*1*1*. 399 785,1*80 528,109 2875,206 Other cash 368,155 38,1*68 68,168 21;,19!* 38,356 21.61*5 2U.222 53,890 17,878 8,321 12,1*11*. 15,&*2 1*1*,957 Discounts and advances 295,257 17,536 56,2146 28,128 22,21*5 22,608 19,005 59,035 17,695 5,1*1*5 11*, 613 9,378 23,323 Industrial loans 1*,158 - - - - 1,151 139 1*6 2,822 U, S* Govt, securitiest Bills* 9.358,603 629,123 2,21^,025 668,1*85 897,209 607,785 1*69,175 1329,71*5 1*93,650 2e6,i*57 1*36,2114 1*21*,122 872,613 Certificates l*,3l*l*,933 292,08!; l,ol*l,836 310,359 1*16,51*9 282,177 217,825 617,363 239,897 132,991* 202,522 196,908 39l*,i*l9 Notes 1,653,500 111,155 396,1*80 118,109 158,521 107,385 82,895 23!*,91*2 91.295 50,612 77,071 7l*,935 150,100 Bonds 5,586,025 375,515 1,339.1*23 399,010 535,532 562,779 280,010; 793,707 308,1*21 170,983 260,370 253,153 507,083 T otaJ U;S* Government securities 20,91*3,061 11*07,877 5,021,769 11*95,963 2007,811 1360,126 loi*9,939:2975,757 1133,263 61*1,01*6 976,177 9**9,n8 1921*,215 Total lpans and securities 21,21*2,1*76 11*25,1*13 5,078,015 1525,21;2 2030,195 1382,780 1071,766 3031*,792 1150,958 6k6,l*9l 990,790 958,1*96 191*7,538 Due from foreign banks .95. 6 1/31 8 9 5 1* 13 3 2 3 3 8 F.R. notes of other banks 1331025.. 5,31*3 18,9^0 6,729 6,238 27,71*1 Hi,518 11*,256 6,669 . i*..H*0 5,018 li,769 18,671* Uncollected items 3,268,881* 251*, 581* .659,056 228,085 350,11*1* 268,562 215,651 526,882 125,519 72,896 151,571' 137,926 278,008 Bank premises 32,915 1,236 8,221 3,177* 1*,921 2,630 .1,555 • 3,056. 1,969 1,206 - 2,1*1*1* 793 1,707 Other assets 11*5,529 9,835 3lt,235 9.960 11*. 102 Q.607 .7,1*17 2Q.776 a*3ko_ 2u39Q_ 6,651 6.626 15.588 TOTAL ASSETS 1*6,909,701* 2621*,580 12,1*1*7,020 2871*.362 3908,738 2767,357 2U2U.931* 7957,193 1937,251* 1181,81*5 195l*,37-l 1652,361* 5179,686 l/After deducting-.$61;, 000 participation's of' other Federal'Reserve Banks., Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

H.U.l(o) STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS ON FEBRUARY 18, I9U8 " L I A B I L I T I ES (In thousands of dollars) Total Boston New York Phila. Cleve. Rich, Atlanta Chicago St.Louis Minn. Kans.Cy. Dallas SanFran. Federal Reserve notes 24,069,669 1451,405 5i528,155 1644,588 2086,51*9 1672,071 1554,127 4555,454 1109,051 617,051 952,505 600,011 2558,968 Deposits: Member b^nk-reserve acct. 16,749,995 751,414 5,182,958 820,969 1251,418 719,339 743,176 2525,628 620,350 418,995 797,257 806,777 2151,752 U.S.Treasurer-general acct J.,725,^29 153,785 395,726 135,062 190,865 95,918 74,806 314,145 47,404 51,814 54,587 79,997 155,524 Foreign 420,922 25,221 1/170,851 29,768 55,810 18,008 15,067 49,980 13,250 9,188 12,862 12,495 52,442 Other 478,082 2,511 ""413,272 1,527 9,558 2 686 957 2,611 5,994 2,152 781 S 458 55,615 Total deposits 19.374,1+26 910,951 6,162,787 985,526 1485,649 833,951 853,986 2892,562 686,978 482,129 865,487 899,727 2555,115 Deferred availability items 2,729,618 235,455 528,104 185,550 268,855 224,075 205,472 409,695 115,682 65,142 129,054 126,175 24o,42l Other liabilities including accrued dividends 15,673 831 5,058 861 1,565 742 625 2,407 ' 605 508 567 655 1,293 TOTAL LIABILITIES 46,189,586 2578*600 12,224,062 2816,505 5842,598 2730,837 2394,208 7859,898 1910,516"1162,810 1927,611 1626,546 5115,795 Capital paid in 197,256 11,295 69,001 14,505 18,907 6,566 7,686 25,932 6,477 4,352 6,652 7,571 18,464 Surplus (Section 7) 448,189 28,117 158,596 55,550 42,175 21,210 19,110 66,217 16,972 11,555 16,148 14,111 58,952 Surplus (Section 15b) 27,545 5,011 7,519 4,489 1,006 5,549 762 1,429 521 1,075 1,137 1.307 2,140 Other capital accounts - '47,350. 5,559 8,042 5,715 4,254 3,595 3,168 5,667 2,968 2,577 2,825 2,829 4,555 TOTAL LIABILITIES AKDF CAPITAL ACCOUNTS 46,909,704;2624,580 12,1447,020 2874,562 5903,738 2767,357 2424,934 7957,195 1957,254 1181,845 1954,571 1652,564 5179,686 Contingent liability on bills purchased for foreign correspondents 4,775 501 2/i,527 387 439 254 196 649 172 119 167 162 420 Commitments to make industrial loans 7,219 665 1,206 157 4oo 544 580 5,750 157 F. R. notes outstanding 25,011,567 1510,241 5,772.975 1705,545 2172,607 1725,158 l4oo,954 4665,981 1155,265 656,640 957,487 650,170 2680,566 Collateral for F.R. notes held by-F.R.Agents: Gold certificates 12,499,000 440,000 5,570,000 550,000 755,000 625,000 675,000 2790,000 33-5,000 200,000 280,000 169,000 2150,000 Eligible paper 95,580 9,255 15,870 17,452 — 16,000 -- — 12,950 2,150 10,000 11,725 U.S.Govt, securities 2,400,000 1200,000 1500,000 1150,000 750,000 1900,000 950,000 450,000 700,000 500,000 1000,000 15,600,000 1100,000 MATURITY DISTRIBUTION OF LOANS AND SECURITIES Tiithin 16 to 31 to 61 to 9I days to 6 months 1 to 2 2 to 5 Over 16 to Total 15 days 50 days 60 days 90 days 6 months to 1 year years years 5 years Discounts and advances 295,257 152,085 24,695 59,789 58,600 70 20 Industrial loans 4,156 5,975 - - 21 25 53 50 12 19 U.S. Govt, securities 20,945,061 2,750,785 1,986,597 5,256,599 1,946,562 5,576,776 2,517,867 417,759 4,910,516 1/ After deducting $249,900,000 participations of other Federal Reserve Banks, After deducting $5,246,000 participations of other Federal Reserve Banks, 8/ Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis